There is a newer version of the Maryland Code
2013 Maryland Code
CORPORATIONS AND ASSOCIATIONS
§ 5-509 - Payment by subscriber before certificate of stock or membership issued
MD Corp & Assn Code § 5-509 (2013) What's This?
§5-509.
A stock certificate may not be issued to any subscriber until the stock is full paid. In a cooperative organized without capital stock, a certificate of membership may not be issued to any person until the membership fee is paid in full.
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